Stripe's crypto unit Bridge obtains initial approval to establish a trust bank

Feb 17 (Reuters) - Bridge ‌has ​gained ​conditional approval to set up a national trust bank from a ‌top U.S. financial regulator, the Stripe-owned ⁠stablecoin infrastructure provider said on Tuesday.

Crypto giants, including ‌Ripple and Circle, in ‌December received preliminary approval to establish national trust banks, marking a significant ​step in integrating digital assets into the regulated banking system.

The preliminary approval ⁠by the Office of the Comptroller of the Currency (OCC) "positions Bridge ​to help enterprises, fintechs, crypto businesses, and financial institutions build with ​digital dollars inside a ‌clear federal framework," it said.

If Bridge receives final OCC approval, it ⁠will be authorized to offer businesses custody of digital assets, stablecoin issuance and orchestration, ⁠and stablecoin reserve management.

World Liberty Financial, a crypto ​venture backed by the family of President Donald Trump, said in January its subsidiary had ‌filed an application to establish a national trust bank focused on ‌stablecoin operations.

Stripe acquired Bridge in October ⁠2024, in a ‌deal reportedly valued ​at $1.1 billion.

(Reporting by Juby Babu in Mexico City; Editing by Sriraj ‌Kalluvila)

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